The derivatives of the daily PPMs are crossing over, or already crossed over. This looks like price has found a top and is getting ready to bowl over.
Note that yesterday's sell off had breached the lower limit of the trading range. This means that there will be either a breakout to the down side (which looks most probable according to the PPMs) or a retest of the lower end of the trading range to see if yesterday's sell off was a bear trap.
Those without positions just sit back and wait for this to play out while the bulls and the bears need to set their stops accordingly.
The weekly chart is still showing an in trend PPM1 hence why the price stopped dropping at the 10 SMA. However do note that the PPM 1 is barely holding on. At 0.158, it is not far off from dropping.
The algos on the weekly is also showing signs of a top, with the 10 SMA curling down over the next few weeks.
It's hard to be bullish at this point in time even though it's the start of the year. Let's see what happens over the next few sessions to see how the algo reacts.
Note that yesterday's sell off had breached the lower limit of the trading range. This means that there will be either a breakout to the down side (which looks most probable according to the PPMs) or a retest of the lower end of the trading range to see if yesterday's sell off was a bear trap.
Those without positions just sit back and wait for this to play out while the bulls and the bears need to set their stops accordingly.
The weekly chart is still showing an in trend PPM1 hence why the price stopped dropping at the 10 SMA. However do note that the PPM 1 is barely holding on. At 0.158, it is not far off from dropping.
The algos on the weekly is also showing signs of a top, with the 10 SMA curling down over the next few weeks.
It's hard to be bullish at this point in time even though it's the start of the year. Let's see what happens over the next few sessions to see how the algo reacts.